All change: New Pistoia, Hornby's second biggest shareholder, wants a new chairman

The chairman of ailing Hornby is under pressure to step down after investors accused him of overseeing the destruction of the toy maker's value.

New Pistoia, Hornby's second-biggest shareholder with a 20 per cent stake, wants to replace Roger Canham, who has been in the post for four years, with Alexander Anton – a non-executive director of Victoria Carpets.

Anton, who owns shares in Hornby, said: 'Hornby is old-fashioned, and that's part of the problem. Some of those toys have great potential if it gets the product right, and it hasn't.'